Slide Insurance (NASDAQ:SLDE) CEO Sells $4,320,353.65 in Stock

Key Points

• CEO Bruce Lucas sold 227,987 shares of Slide Insurance at an average price of $18.95, for a total of $4.32 million. After the sale, he still directly owned 34.74 million shares valued at about $658.4 million.
• Lucas has been actively trimming his stake, with multiple share sales reported in late April and May, including several large transactions totaling millions of dollars each.
• Slide Insurance reported strong quarterly results, beating earnings estimates with EPS of $1.02 versus $0.82 expected, and the company also authorized a $100 million share buyback program.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 227,987 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $18.95, for a total transaction of $4,320,353.65. Following the sale, the chief executive officer directly owned 34,743,361 shares of the company's stock, valued at $658,386,690.95. This represents a 0.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Bruce Lucas also recently made the following trade(s):

• On Wednesday, May 20th, Bruce Lucas sold 184,817 shares of Slide Insurance stock. The stock was sold at an average price of $18.78, for a total value of $3,470,863.26.
• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total transaction of $5,178,810.00.
• On Monday, May 18th, Bruce Lucas sold 455,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The shares were sold at an average price of $18.84, for a total transaction of $5,084,558.04.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total transaction of $1,707,160.00.
• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The shares were sold at an average price of $18.81, for a total transaction of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total transaction of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total transaction of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total transaction of $2,920,680.58.

Slide Insurance Price Performance

Shares of NASDAQ:SLDE opened at $18.03 on Monday. The stock has a market cap of $2.07 billion and a P/E ratio of 5.01. The firm has a fifty day moving average price of $18.32 and a 200 day moving average price of $17.80. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Sell-side analysts predict that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

Slide Insurance announced that its Board of Directors has authorized a share buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of SLDE. Geode Capital Management LLC purchased a new stake in shares of Slide Insurance during the second quarter worth about $2,245,000. Legal & General Group Plc purchased a new stake in shares of Slide Insurance during the second quarter worth about $216,000. Norges Bank acquired a new position in Slide Insurance during the second quarter valued at approximately $866,000. Marshall Wace LLP bought a new position in shares of Slide Insurance during the second quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Slide Insurance in the second quarter worth about $834,000.

Analysts Set New Price Targets

A number of analysts recently weighed in on SLDE shares. Barclays increased their price target on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Piper Sandler raised their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Finally, Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Slide Insurance currently has a consensus rating of "Moderate Buy" and an average price target of $24.80.

Slide Insurance Company Profile

Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the property and casualty (“P&C”) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries.

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